Globalization will tend to:
A. flatten the long-run Phillips curve.
B. shift the long-run Phillips curve.
C. flatten the short-run Phillips curve.
D. shift the short-run Phillips curve.
Answer: C
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In the Friedman "Fooling Model" if P(e) is less than P then the labor supply curve in Figure 17-1 above
A) shifts leftward when workers realize their error. B) always shifts rightward. C) initially remains the same. D) Both A and C are correct.
The opportunity cost of an action is always equal to:
a. the monetary expense incurred as a result of the action b. the value of any alternative use of the time expended on the action. c. the highest valued alternatives sacrificed as a result of the action. d. the sum of the benefits received as a result of the action.
The difference between a three-digit North American Industry Classification System (NAICS) industry and a six-digit NAICS industry is that:
A. the three-digit industry is more specifically defined than the six-digit code. B. three-digit codes apply to a different set of industries than six-digit codes. C. three-digit codes are used to classify industries whereas six-digit codes are used to classify firms. D. the six-digit industry is more specifically defined than the three-digit code.
According to classical economists,
A. prices are rigid. B. both V and Q are variable for an economy in short-run equilibrium. C. changes in M cause changes in V. D. the velocity of money is constant.